Pharma Stocks Outlook: Range-bound with positive bias next week

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B. Karthick

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Aug 30, 2008, 3:49:34 AM8/30/08
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Pharma Stocks Outlook: Range-bound with positive bias next week
Saturday, Aug 29

Pharmaceutical shares are seen range-bound with a positive bias
next week.
Shares of Cipla and Sun Pharmaceutical are seen up, while Ranbaxy
and GlaxoSmithKline Pharma are seen down on charts.
Technically, Cipla is seen positive with resistance at 245 rupees.
Cipla had reiterated its revenue guidance of 12-15% in 2008-09,
which implies a slowdown in next three quarters, as the company
reported 32% growth in Apr-Jun.
Sun Pharma, riding on favourable court verdict on its offer for
Taro Pharma, is likely to extend its gains next week, with resistance
at 1,525 rupees and support at 1,396 rupees.
Dr Reddy's Laboratories is seen down with support at 555 rupees.
Shares of Dr Reddy's have been falling consistently on a weekly
basis for the last eight weeks, except for one, from a peak of 662
rupees.
GlaxoSmithKline Pharmaceuticals and Ranbaxy Laboratories are seen
range-bound with support at 1,222 rupees and 540 rupees respectively.
Overall, the volatility in the benchmark indices will keep
pharmaceutical shares in favour of the buyers next week.

Closing prices, in rupees, of leading pharmaceutical shares, on
National Stock Exchange Friday, compared with a week ago:

Company Aug 29 Aug 22 %
Change

Cadila Healthcare 323.35
321.80 0.2
Cipla 240.05
237.40 1.1
Dr Reddy's Laboratories 579.15 585.10
(-) 1.0
GlaxoSmithKline Pharmaceuticals 1,175.65
1,143.45 2.8
Pfizer 587.00
582.70 0.7
Ranbaxy Laboratories 518.80 522.55
(-) 0.7
Sun Pharmaceutical Industries 1,472.30
1,452.30 1.4

BSE Healthcare Index 4311.73
4297.64 0.3
Nifty 4360.00
4327.45 0.8
Sensex 14564.53
14401.49 1.1.

End

B. Karthick
Research Analyst.
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